ServiceSource International, Inc. (NASDAQ:SREV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On October16, 2017, the Board of Directors (the “Board”) of ServiceSource International, Inc. (the “Company” or “ServiceSource”) appointed Richard Walker as a director to the Company’s Board. Mr.Walker joins the Board as a ClassIII director, with a term expiring at the Company’s 2020 annual meeting of stockholders, and will serve on the Company’s Nominating and Corporate Governance Committee. Mr.Walker fills a vacancy created by the resignation of James C. Madden, who resigned from the Board effective October16, 2017. Mr.Madden does not have any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, and resigned for personal reasons.
Mr.Walker will receive compensation as a non-employee director in accordance with the Company’s director compensation program as described in the Company’s proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April7, 2017, including an initial restricted stock unit grant valued at $350,000, with a three-year vesting schedule, and an annual restricted stock unit grant that will be prorated from the effective date of Mr.Walker’s appointment to the Board. The Company also entered into an indemnification agreement with Mr.Walker in the same form as the Company’s standard form indemnification agreement with its other directors.
The Board determined that Mr.Walker is an “independent director” as defined by the rules of the Nasdaq Stock Market. There are no arrangements or understandings between Mr.Walker and any other person to which he was selected as a director, nor are there any transactions, or proposed transactions, to which ServiceSource was or is to be a party and in which Mr.Walker had or will have a direct or indirect material interest that are required to be disclosed under Item 404(a) of Regulation S-K, nor are there any family relationships among Mr.Walker and any other directors or officers of the Company.
| Item 5.02 | Regulation FD Disclosure. |
On October18, 2017, ServiceSource issued a press release announcing Mr.Walker’s appointment to the Board. The full text of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information contained in Item 5.02 of this Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 5.02 | Financial Statements and Exhibits. |
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Exhibit No. |
Description |
| 99.1 | Press release dated October18, 2017. |
SERVICESOURCE INTERNATIONAL, INC. ExhibitEX-99.1 2 d475329dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 PRESS RELEASE ServiceSource Appoints Respected Strategy & Corporate Development Leader Richard G. Walker to Board of Directors DENVER — OCT. 18,…To view the full exhibit click here
About ServiceSource International, Inc. (NASDAQ:SREV)
ServiceSource International, Inc. (ServiceSource) is a provider of customer and revenue lifecycle solutions that improve enterprise revenue relationships. The Company operates through two segments: Managed Services, and Cloud and Business Intelligence (CBI). Based on the science of Revenue Lifecycle Management (RLM), the Company provides business to business (B2B) companies with technology-enabled services and solutions that allow growing and retaining revenue from existing customers, directly or through a channel. Its solutions are based on solutions in the Revenue Lifecycle category. The components of its cloud solution consist of a suite of managed services and cloud technologies, and include ServiceSource Revenue Analytics, Renew OnDemand and ServiceSource Customer Success. Its managed services include renewal selling services, up-sell and cross-sell services, enablement and quoting services, warranty services, customer success services and onboarding services.
